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1040 State Tax Form

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1040 State Tax Form

1040 state tax form 6. 1040 state tax form   Basis of Assets Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Cost BasisReal Property Allocating the Basis Uniform Capitalization Rules Adjusted BasisIncreases to Basis Decreases to Basis Basis Other Than CostTaxable Exchanges Involuntary Conversions Nontaxable Exchanges Property Received as a Gift Property Transferred From a Spouse Inherited Property Property Distributed From a Partnership or Corporation Introduction Your basis is the amount of your investment in property for tax purposes. 1040 state tax form Use basis to figure the gain or loss on the sale, exchange, or other disposition of property. 1040 state tax form Also use basis to figure depreciation, amortization, depletion, and casualty losses. 1040 state tax form If you use property for both business or investment purposes and for personal purposes, you must allocate the basis based on the use. 1040 state tax form Only the basis allocated to the business or investment use of the property can be depreciated. 1040 state tax form Your original basis in property is adjusted (increased or decreased) by certain events. 1040 state tax form For example, if you make improvements to the property, increase your basis. 1040 state tax form If you take deductions for depreciation, or casualty losses, or claim certain credits, reduce your basis. 1040 state tax form Keep accurate records of all items that affect the basis of your assets. 1040 state tax form For information on keeping records, see chapter 1. 1040 state tax form Topics - This chapter discusses: Cost basis Adjusted basis Basis other than cost Useful Items - You may want to see: Publication 535 Business Expenses 544 Sales and Other Dispositions of Assets 551 Basis of Assets 946 How To Depreciate Property See chapter 16 for information about getting publications and forms. 1040 state tax form Cost Basis The basis of property you buy is usually its cost. 1040 state tax form Cost is the amount you pay in cash, debt obligations, other property, or services. 1040 state tax form Your cost includes amounts you pay for sales tax, freight, installation, and testing. 1040 state tax form The basis of real estate and business assets will include other items, discussed later. 1040 state tax form Basis generally does not include interest payments. 1040 state tax form However, see Carrying charges and Capitalized interest in chapter 4 of Publication 535. 1040 state tax form You also may have to capitalize (add to basis) certain other costs related to buying or producing property. 1040 state tax form Under the uniform capitalization rules, discussed later, you may have to capitalize direct costs and certain indirect costs of producing property. 1040 state tax form Loans with low or no interest. 1040 state tax form   If you buy property on a time-payment plan that charges little or no interest, the basis of your property is your stated purchase price minus the amount considered to be unstated interest. 1040 state tax form You generally have unstated interest if your interest rate is less than the applicable federal rate. 1040 state tax form See the discussion of unstated interest in Publication 537, Installment Sales. 1040 state tax form Real Property Real property, also called real estate, is land and generally anything built on, growing on, or attached to land. 1040 state tax form If you buy real property, certain fees and other expenses you pay are part of your cost basis in the property. 1040 state tax form Some of these expenses are discussed next. 1040 state tax form Lump sum purchase. 1040 state tax form   If you buy improvements, such as buildings, and the land on which they stand for a lump sum, allocate your cost basis between the land and improvements. 1040 state tax form Allocate the cost basis according to the respective fair market values (FMVs) of the land and improvements at the time of purchase. 1040 state tax form Figure the basis of each asset by multiplying the lump sum by a fraction. 1040 state tax form The numerator is the FMV of that asset and the denominator is the FMV of the whole property at the time of purchase. 1040 state tax form Fair market value (FMV). 1040 state tax form   FMV is the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. 1040 state tax form Sales of similar property on or about the same date may help in figuring the FMV of the property. 1040 state tax form If you are not certain of the FMV of the land and improvements, you can allocate the basis according to their assessed values for real estate tax purposes. 1040 state tax form Real estate taxes. 1040 state tax form   If you pay the real estate taxes the seller owed on real property you bought, and the seller did not reimburse you, treat those taxes as part of your basis. 1040 state tax form   If you reimburse the seller for taxes the seller paid for you, you generally can deduct that amount as a tax expense. 1040 state tax form Whether or not you reimburse the seller, do not include that amount in the basis of your property. 1040 state tax form Settlement costs. 1040 state tax form   Your basis includes the settlement fees and closing costs for buying the property. 1040 state tax form See Publication 551 for a detailed list of items you can and cannot include in basis. 1040 state tax form   Do not include fees and costs for getting a loan on the property. 1040 state tax form Also, do not include amounts placed in escrow for the future payment of items such as taxes and insurance. 1040 state tax form Points. 1040 state tax form   If you pay points to get a loan (including a mortgage, second mortgage, or line-of-credit), do not add the points to the basis of the related property. 1040 state tax form You may be able to deduct the points currently or over the term of the loan. 1040 state tax form For more information about deducting points, see Points in chapter 4 of Publication 535. 1040 state tax form Assumption of a mortgage. 1040 state tax form   If you buy property and assume (or buy the property subject to) an existing mortgage, your basis includes the amount you pay for the property plus the amount you owe on the mortgage. 1040 state tax form Example. 1040 state tax form If you buy a farm for $100,000 cash and assume a mortgage of $400,000, your basis is $500,000. 1040 state tax form Constructing assets. 1040 state tax form   If you build property or have assets built for you, your expenses for this construction are part of your basis. 1040 state tax form Some of these expenses include the following costs: Land, Labor and materials, Architect's fees, Building permit charges, Payments to contractors, Payments for rental equipment, and Inspection fees. 1040 state tax form   In addition, if you use your own employees, farm materials, and equipment to build an asset, do not deduct the following expenses. 1040 state tax form You must capitalize them (include them in the asset's basis). 1040 state tax form Employee wages paid for the construction work, reduced by any employment credits allowed. 1040 state tax form Depreciation on equipment you own while it is used in the construction. 1040 state tax form Operating and maintenance costs for equipment used in the construction. 1040 state tax form The cost of business supplies and materials used in the construction. 1040 state tax form    Do not include the value of your own labor, or any other labor you did not pay for, in the basis of any property you construct. 1040 state tax form Allocating the Basis In some instances, the rules for determining basis apply to a group of assets acquired in the same transaction or to property that consists of separate items. 1040 state tax form To determine the basis of these assets or separate items, there must be an allocation of basis. 1040 state tax form Group of assets acquired. 1040 state tax form   If you buy multiple assets for a lump sum, allocate the amount you pay among the assets. 1040 state tax form Use this allocation to figure your basis for depreciation and gain or loss on a later disposition of any of these assets. 1040 state tax form You and the seller may agree in the sales contract to a specific allocation of the purchase price among the assets. 1040 state tax form If this allocation is based on the value of each asset and you and the seller have adverse tax interests, the allocation generally will be accepted. 1040 state tax form Farming business acquired. 1040 state tax form   If you buy a group of assets that makes up a farming business, there are special rules you must use to allocate the purchase price among the assets. 1040 state tax form Generally, reduce the purchase price by any cash received. 1040 state tax form Allocate the remaining purchase price to the other business assets received in proportion to (but not more than) their FMV and in a certain order. 1040 state tax form See Trade or Business Acquired under Allocating the Basis in Publication 551 for more information. 1040 state tax form Transplanted embryo. 1040 state tax form   If you buy a cow that is pregnant with a transplanted embryo, allocate to the basis of the cow the part of the purchase price equal to the FMV of the cow without the implant. 1040 state tax form Allocate the rest of the purchase price to the basis of the calf. 1040 state tax form Neither the cost allocated to the cow nor the cost allocated to the calf is deductible as a current business expense. 1040 state tax form Uniform Capitalization Rules Under the uniform capitalization rules, you must include certain direct and indirect costs in the basis of property you produce or in your inventory costs, rather than claim them as a current deduction. 1040 state tax form You recover these costs through depreciation, amortization, or cost of goods sold when you use, sell, or otherwise dispose of the property. 1040 state tax form Generally, you are subject to the uniform capitalization rules if you do any of the following: Produce real or tangible personal property, or Acquire property for resale. 1040 state tax form However, this rule does not apply to personal property if your average annual gross receipts for the 3-tax-year period ending with the year preceding the current tax year are $10 million or less. 1040 state tax form You produce property if you construct, build, install, manufacture, develop, improve, or create the property. 1040 state tax form You are not subject to the uniform capitalization rules if the property is produced for personal use. 1040 state tax form In a farming business, you produce property if you raise or grow any agricultural or horticultural commodity, including plants and animals. 1040 state tax form Plants. 1040 state tax form   A plant produced in a farming business includes the following items: A fruit, nut, or other crop-bearing tree; An ornamental tree; A vine; A bush; Sod; and The crop or yield of a plant that will have more than one crop or yield. 1040 state tax form Animals. 1040 state tax form   An animal produced in a farming business includes any stock, poultry or other bird, and fish or other sea life. 1040 state tax form The direct and indirect costs of producing plants or animals include preparatory costs and preproductive period costs. 1040 state tax form Preparatory costs include the acquisition costs of the seed, seedling, plant, or animal. 1040 state tax form For plants, preproductive period costs include the costs of items such as irrigation, pruning, frost protection, spraying, and harvesting. 1040 state tax form For animals, preproductive period costs include the costs of items such as feed, maintaining pasture or pen areas, breeding, veterinary services, and bedding. 1040 state tax form Exceptions. 1040 state tax form   In a farming business, the uniform capitalization rules do not apply to: Any animal, Any plant with a preproductive period of 2 years or less, or Any costs of replanting certain plants lost or damaged due to casualty. 1040 state tax form   Exceptions (1) and (2) do not apply to a corporation, partnership, or tax shelter required to use an accrual method of accounting. 1040 state tax form See Accrual Method Required under Accounting Methods in chapter 2. 1040 state tax form   In addition, you can elect not to use the uniform capitalization rules for plants with a preproductive period of more than 2 years. 1040 state tax form If you make this election, special rules apply. 1040 state tax form This election cannot be made by a corporation, partnership, or tax shelter required to use an accrual method of accounting. 1040 state tax form This election also does not apply to any costs incurred for the planting, cultivation, maintenance, or development of any citrus or almond grove (or any part thereof) within the first 4 years the trees were planted. 1040 state tax form    If you elect not to use the uniform capitalization rules, you must use the alternative depreciation system for all property used in any of your farming businesses and placed in service in any tax year during which the election is in effect. 1040 state tax form See chapter 7, for additional information on depreciation. 1040 state tax form Example. 1040 state tax form You grow trees that have a preproductive period of more than 2 years. 1040 state tax form The trees produce an annual crop. 1040 state tax form You are an individual and the uniform capitalization rules apply to your farming business. 1040 state tax form You must capitalize the direct costs and an allocable part of indirect costs incurred due to the production of the trees. 1040 state tax form You are not required to capitalize the costs of producing the annual crop because its preproductive period is 2 years or less. 1040 state tax form Preproductive period of more than 2 years. 1040 state tax form   The preproductive period of plants grown in commercial quantities in the United States is based on their nationwide weighted average preproductive period. 1040 state tax form Plants producing the crops or yields shown in Table 6-1 have a nationwide weighted average preproductive period of more than 2 years. 1040 state tax form Other plants (not shown in Table 6-1) may also have a nationwide weighted average preproductive period of more than 2 years. 1040 state tax form More information. 1040 state tax form   For more information on the uniform capitalization rules that apply to property produced in a farming business, see Regulations section 1. 1040 state tax form 263A-4. 1040 state tax form Table 6-1. 1040 state tax form Plants With a Preproductive Period of More Than 2 Years Plants producing the following crops or yields have a nationwide weighted average preproductive period of more than 2 years. 1040 state tax form Almonds Apples Apricots Avocados Blueberries Cherries Chestnuts Coffee beans Currants Dates Figs Grapefruit Grapes Guavas Kiwifruit Kumquats Lemons Limes Macadamia nuts Mangoes Nectarines Olives Oranges Peaches Pears Pecans Persimmons Pistachio nuts Plums Pomegranates Prunes Tangelos Tangerines Tangors Walnuts Adjusted Basis Before figuring gain or loss on a sale, exchange, or other disposition of property or figuring allowable depreciation, depletion, or amortization, you must usually make certain adjustments to the cost basis or basis other than cost (discussed later) of the property. 1040 state tax form The adjustments to the original basis are increases or decreases to the cost basis or other basis which result in the adjusted basis of the property. 1040 state tax form Increases to Basis Increase the basis of any property by all items properly added to a capital account. 1040 state tax form These include the cost of any improvements having a useful life of more than 1 year. 1040 state tax form The following costs increase the basis of property. 1040 state tax form The cost of extending utility service lines to property. 1040 state tax form Legal fees, such as the cost of defending and perfecting title. 1040 state tax form Legal fees for seeking a decrease in an assessment levied against property to pay for local improvements. 1040 state tax form Assessments for items such as paving roads and building ditches that increase the value of the property assessed. 1040 state tax form Do not deduct these expenses as taxes. 1040 state tax form However, you can deduct as taxes amounts assessed for maintenance or repairs, or for meeting interest charges related to the improvements. 1040 state tax form If you make additions or improvements to business property, depreciate the basis of each addition or improvement as separate depreciable property using the rules that would apply to the original property if you had placed it in service at the same time you placed the addition or improvement in service. 1040 state tax form See chapter 7. 1040 state tax form Deducting vs. 1040 state tax form capitalizing costs. 1040 state tax form   Do not add to your basis costs you can deduct as current expenses. 1040 state tax form For example, amounts paid for incidental repairs or maintenance are deductible as business expenses and are not added to basis. 1040 state tax form However, you can elect either to deduct or to capitalize certain other costs. 1040 state tax form See chapter 7 in Publication 535. 1040 state tax form Decreases to Basis The following are some items that reduce the basis of property. 1040 state tax form Section 179 deduction. 1040 state tax form Deductions previously allowed or allowable for amortization, depreciation, and depletion. 1040 state tax form Alternative motor vehicle credit. 1040 state tax form See Form 8910. 1040 state tax form Alternative fuel vehicle refueling property credit. 1040 state tax form See Form 8911. 1040 state tax form Residential energy efficient property credits. 1040 state tax form See Form 5695. 1040 state tax form Investment credit (part or all) taken. 1040 state tax form Casualty and theft losses and insurance reimbursements. 1040 state tax form Payments you receive for granting an easement. 1040 state tax form Exclusion from income of subsidies for energy conservation measures. 1040 state tax form Certain canceled debt excluded from income. 1040 state tax form Rebates from a manufacturer or seller. 1040 state tax form Patronage dividends received from a cooperative association as a result of a purchase of property. 1040 state tax form See Patronage Dividends in chapter 3. 1040 state tax form Gas-guzzler tax. 1040 state tax form See Form 6197. 1040 state tax form Some of these items are discussed next. 1040 state tax form For a more detailed list of items that decrease basis, see section 1016 of the Internal Revenue Code and Publication 551. 1040 state tax form Depreciation and section 179 deduction. 1040 state tax form   The adjustments you must make to the basis of the property if you take the section 179 deduction or depreciate the property are explained next. 1040 state tax form For more information on these deductions, see chapter 7. 1040 state tax form Section 179 deduction. 1040 state tax form   If you take the section 179 expense deduction for all or part of the cost of qualifying business property, decrease the basis of the property by the deduction. 1040 state tax form Depreciation. 1040 state tax form   Decrease the basis of property by the depreciation you deducted or could have deducted on your tax returns under the method of depreciation you chose. 1040 state tax form If you took less depreciation than you could have under the method chosen, decrease the basis by the amount you could have taken under that method. 1040 state tax form If you did not take a depreciation deduction, reduce the basis by the full amount of the depreciation you could have taken. 1040 state tax form   If you deducted more depreciation than you should have, decrease your basis by the amount you should have deducted plus the part of the excess depreciation you deducted that actually reduced your tax liability for any year. 1040 state tax form   See chapter 7 for information on figuring the depreciation you should have claimed. 1040 state tax form   In decreasing your basis for depreciation, take into account the amount deducted on your tax returns as depreciation and any depreciation you must capitalize under the uniform capitalization rules. 1040 state tax form Casualty and theft losses. 1040 state tax form   If you have a casualty or theft loss, decrease the basis of the property by any insurance or other reimbursement. 1040 state tax form Also, decrease it by any deductible loss not covered by insurance. 1040 state tax form See chapter 11 for information about figuring your casualty or theft loss. 1040 state tax form   You must increase your basis in the property by the amount you spend on clean-up costs (such as debris removal) and repairs that restore the property to its pre-casualty condition. 1040 state tax form To make this determination, compare the repaired property to the property before the casualty. 1040 state tax form Easements. 1040 state tax form   The amount you receive for granting an easement is usually considered to be proceeds from the sale of an interest in the real property. 1040 state tax form It reduces the basis of the affected part of the property. 1040 state tax form If the amount received is more than the basis of the part of the property affected by the easement, reduce your basis in that part to zero and treat the excess as a recognized gain. 1040 state tax form See Easements and rights-of-way in chapter 3. 1040 state tax form Exclusion from income of subsidies for energy conservation measures. 1040 state tax form   You can exclude from gross income any subsidy you received from a public utility company for the purchase or installation of an energy conservation measure for a dwelling unit. 1040 state tax form Reduce the basis of the property by the excluded amount. 1040 state tax form Canceled debt excluded from income. 1040 state tax form   If a debt you owe is canceled or forgiven, other than as a gift or bequest, you generally must include the canceled amount in your gross income for tax purposes. 1040 state tax form A debt includes any indebtedness for which you are liable or which attaches to property you hold. 1040 state tax form   You can exclude your canceled debt from income if the debt is any of the following. 1040 state tax form Debt canceled in a bankruptcy case or when you are insolvent. 1040 state tax form Qualified farm debt. 1040 state tax form Qualified real property business debt (provided you are not a C corporation). 1040 state tax form Qualified principal residence indebtedness. 1040 state tax form Discharge of certain indebtedness of a qualified individual because of Midwestern disasters. 1040 state tax form If you exclude canceled debt described in (1) or (2), you may have to reduce the basis of your depreciable and nondepreciable property. 1040 state tax form If you exclude canceled debt described in (3), you must only reduce the basis of your depreciable property by the excluded amount. 1040 state tax form   For more information about canceled debt in a bankruptcy case, see Publication 908, Bankruptcy Tax Guide. 1040 state tax form For more information about insolvency and canceled debt that is qualified farm debt or qualified principal residence indebtedness, see chapter 3. 1040 state tax form For more information about qualified real property business debt, see Publication 334, Tax Guide for Small Business. 1040 state tax form For more information about canceled debt in Midwestern disaster areas, see Publication 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas. 1040 state tax form Basis Other Than Cost There are times when you cannot use cost as basis. 1040 state tax form In these situations, the fair market value or the adjusted basis of property may be used. 1040 state tax form Examples are discussed next. 1040 state tax form Property changed from personal to business or rental use. 1040 state tax form   When you hold property for personal use and then change it to business use or use it to produce rent, you must figure its basis for depreciation. 1040 state tax form An example of changing property from personal to business use would be changing the use of your pickup truck that you originally purchased for your personal use to use in your farming business. 1040 state tax form   The basis for depreciation is the lesser of: The FMV of the property on the date of the change, or Your adjusted basis on the date of the change. 1040 state tax form   If you later sell or dispose of this property, the basis you use will depend on whether you are figuring a gain or loss. 1040 state tax form The basis for figuring a gain is your adjusted basis in the property when you sell the property. 1040 state tax form Figure the basis for a loss starting with the smaller of your adjusted basis or the FMV of the property at the time of the change to business or rental use. 1040 state tax form Then make adjustments (increases and decreases) for the period after the change in the property's use, as discussed earlier under Adjusted Basis . 1040 state tax form Property received for services. 1040 state tax form   If you receive property for services, include the property's FMV in income. 1040 state tax form The amount you include in income becomes your basis. 1040 state tax form If the services were performed for a price agreed on beforehand, it will be accepted as the FMV of the property if there is no evidence to the contrary. 1040 state tax form Example. 1040 state tax form George Smith is an accountant and also operates a farming business. 1040 state tax form George agreed to do some accounting work for his neighbor in exchange for a dairy cow. 1040 state tax form The accounting work and the cow are each worth $1,500. 1040 state tax form George must include $1,500 in income for his accounting services. 1040 state tax form George's basis in the cow is $1,500. 1040 state tax form Taxable Exchanges A taxable exchange is one in which the gain is taxable, or the loss is deductible. 1040 state tax form A taxable gain or deductible loss also is known as a recognized gain or loss. 1040 state tax form A taxable exchange occurs when you receive cash or get property that is not similar or related in use to the property exchanged. 1040 state tax form If you receive property in exchange for other property in a taxable exchange, the basis of the property you receive is usually its FMV at the time of the exchange. 1040 state tax form Example. 1040 state tax form You trade a tract of farmland with an adjusted basis of $2,000 for a tractor that has an FMV of $6,000. 1040 state tax form You must report a taxable gain of $4,000 for the land. 1040 state tax form The tractor has a basis of $6,000. 1040 state tax form Involuntary Conversions If you receive property as a result of an involuntary conversion, such as a casualty, theft, or condemnation, figure the basis of the replacement property you receive using the basis of the converted property. 1040 state tax form Similar or related property. 1040 state tax form   If the replacement property is similar or related in service or use to the converted property, the replacement property's basis is the same as the old property's basis on the date of the conversion. 1040 state tax form However, make the following adjustments. 1040 state tax form Decrease the basis by the following amounts. 1040 state tax form Any loss you recognize on the involuntary conversion. 1040 state tax form Any money you receive that you do not spend on similar property. 1040 state tax form Increase the basis by the following amounts. 1040 state tax form Any gain you recognize on the involuntary conversion. 1040 state tax form Any cost of acquiring the replacement property. 1040 state tax form Money or property not similar or related. 1040 state tax form   If you receive money or property not similar or related in service or use to the converted property and you buy replacement property similar or related in service or use to the converted property, the basis of the replacement property is its cost decreased by the gain not recognized on the involuntary conversion. 1040 state tax form Allocating the basis. 1040 state tax form   If you buy more than one piece of replacement property, allocate your basis among the properties based on their respective costs. 1040 state tax form Basis for depreciation. 1040 state tax form   Special rules apply in determining and depreciating the basis of MACRS property acquired in an involuntary conversion. 1040 state tax form For information, see Figuring the Deduction for Property Acquired in a Nontaxable Exchange under Figuring Depreciation Under MACRS in chapter 7. 1040 state tax form For more information about involuntary conversions, see chapter 11. 1040 state tax form Nontaxable Exchanges A nontaxable exchange is an exchange in which you are not taxed on any gain and you cannot deduct any loss. 1040 state tax form A nontaxable gain or loss also is known as an unrecognized gain or loss. 1040 state tax form If you receive property in a nontaxable exchange, its basis is usually the same as the basis of the property you transferred. 1040 state tax form Like-Kind Exchanges The exchange of property for the same kind of property is the most common type of nontaxable exchange. 1040 state tax form For an exchange to qualify as a like-kind exchange, you must hold for business or investment purposes both the property you transfer and the property you receive. 1040 state tax form There must also be an exchange of like-kind property. 1040 state tax form For more information, see Like-Kind Exchanges in  chapter 8. 1040 state tax form The basis of the property you receive generally is the same as the adjusted basis of the property you gave up. 1040 state tax form Example 1. 1040 state tax form You traded a truck you used in your farming business for a new smaller truck to use in farming. 1040 state tax form The adjusted basis of the old truck was $10,000. 1040 state tax form The FMV of the new truck is $30,000. 1040 state tax form Because this is a nontaxable exchange, you do not recognize any gain, and your basis in the new truck is $10,000, the same as the adjusted basis of the truck you traded. 1040 state tax form Example 2. 1040 state tax form You trade a field cultivator (adjusted basis of $8,000) for a planter (FMV of $9,000). 1040 state tax form You use both the field cultivator and the planter in your farming business. 1040 state tax form The basis of the planter you receive is $8,000, the same as the field cultivator traded Exchange expenses. 1040 state tax form   Exchange expenses generally are the closing costs that you pay. 1040 state tax form They include such items as brokerage commissions, attorney fees, and deed preparation fees. 1040 state tax form Add them to the basis of the like-kind property you receive. 1040 state tax form Property plus cash. 1040 state tax form   If you trade property in a like-kind exchange and also pay money, the basis of the property you receive is the adjusted basis of the property you gave up plus the money you paid. 1040 state tax form Example. 1040 state tax form You trade in a truck (adjusted basis of $3,000) for another truck (FMV of $7,500) and pay $4,000. 1040 state tax form Your basis in the new truck is $7,000 (the $3,000 adjusted basis of the old truck plus the $4,000 cash). 1040 state tax form Special rules for related persons. 1040 state tax form   If a like-kind exchange takes place directly or indirectly between related persons and either party disposes of the property within 2 years after the exchange, the exchange no longer qualifies for like-kind exchange treatment. 1040 state tax form Each person must report any gain or loss not recognized on the original exchange unless the loss is not deductible under the related party rules. 1040 state tax form Each person reports it on the tax return filed for the year in which the later disposition occurred. 1040 state tax form If this rule applies, the basis of the property received in the original exchange will be its FMV. 1040 state tax form For more information, see chapter 8. 1040 state tax form Exchange of business property. 1040 state tax form   Exchanging the property of one business for the property of another business generally is a multiple property exchange. 1040 state tax form For information on figuring basis, see Multiple Property Exchanges in chapter 1 of Publication 544. 1040 state tax form Basis for depreciation. 1040 state tax form   Special rules apply in determining and depreciating the basis of MACRS property acquired in a like-kind transaction. 1040 state tax form For information, see Figuring the Deduction for Property Acquired in a Nontaxable Exchange under Figuring Depreciation Under MACRS in chapter 7. 1040 state tax form Partially Nontaxable Exchanges A partially nontaxable exchange is an exchange in which you receive unlike property or money in addition to like-kind property. 1040 state tax form The basis of the property you receive is the same as the adjusted basis of the property you gave up with the following adjustments. 1040 state tax form Decrease the basis by the following amounts. 1040 state tax form Any money you receive. 1040 state tax form Any loss you recognize on the exchange. 1040 state tax form Increase the basis by the following amounts. 1040 state tax form Any additional costs you incur. 1040 state tax form Any gain you recognize on the exchange. 1040 state tax form If the other party to the exchange assumes your liabilities, treat the debt assumption as money you received in the exchange. 1040 state tax form Example 1. 1040 state tax form You trade farmland (basis of $100,000) for another tract of farmland (FMV of $110,000) and $30,000 cash. 1040 state tax form You realize a gain of $40,000. 1040 state tax form This is the FMV of the land received plus the cash minus the basis of the land you traded ($110,000 + $30,000 − $100,000). 1040 state tax form Include your gain in income (recognize gain) only to the extent of the cash received. 1040 state tax form Your basis in the land you received is figured as follows. 1040 state tax form Basis of land traded $100,000 Minus: Cash received (adjustment 1(a)) − 30,000   $70,000 Plus: Gain recognized (adjustment 2(b)) + 30,000 Basis of land received $100,000 Example 2. 1040 state tax form You trade a truck (adjusted basis of $22,750) for another truck (FMV of $20,000) and $10,000 cash. 1040 state tax form You realize a gain of $7,250. 1040 state tax form This is the FMV of the truck received plus the cash minus the adjusted basis of the truck you traded ($20,000 + $10,000 − $22,750). 1040 state tax form You include all the gain in your income (recognize gain) because the gain is less than the cash you received. 1040 state tax form Your basis in the truck you received is figured as follows. 1040 state tax form Adjusted basis of truck traded $22,750 Minus: Cash received (adjustment 1(a)) −10,000   $12,750 Plus: Gain recognized (adjustment 2(b)) + 7,250 Basis of truck received $20,000 Allocation of basis. 1040 state tax form   If you receive like-kind and unlike properties in the exchange, allocate the basis first to the unlike property, other than money, up to its FMV on the date of the exchange. 1040 state tax form The rest is the basis of the like-kind property. 1040 state tax form Example. 1040 state tax form You traded a tractor with an adjusted basis of $15,000 for another tractor that had an FMV of $12,500. 1040 state tax form You also received $1,000 cash and a truck that had an FMV of $3,000. 1040 state tax form The truck is unlike property. 1040 state tax form You realized a gain of $1,500. 1040 state tax form This is the FMV of the tractor received plus the FMV of the truck received plus the cash minus the adjusted basis of the tractor you traded ($12,500 + $3,000 + $1,000 − $15,000). 1040 state tax form You include in income (recognize) all $1,500 of the gain because it is less than the FMV of the unlike property plus the cash received. 1040 state tax form Your basis in the properties you received is figured as follows. 1040 state tax form Adjusted basis of old tractor $15,000 Minus: Cash received (adjustment 1(a)) − 1,000   $14,000 Plus: Gain recognized (adjustment 2(b)) + 1,500 Total basis of properties received $15,500 Allocate the total basis of $15,500 first to the unlike property—the truck ($3,000). 1040 state tax form This is the truck's FMV. 1040 state tax form The rest ($12,500) is the basis of the tractor. 1040 state tax form Sale and Purchase If you sell property and buy similar property in two mutually dependent transactions, you may have to treat the sale and purchase as a single nontaxable exchange. 1040 state tax form Example. 1040 state tax form You used a tractor on your farm for 3 years. 1040 state tax form Its adjusted basis is $22,000 and its FMV is $40,000. 1040 state tax form You are interested in a new tractor, which sells for $60,000. 1040 state tax form Ordinarily, you would trade your old tractor for the new one and pay the dealer $20,000. 1040 state tax form Your basis for depreciating the new tractor would then be $42,000 ($20,000 + $22,000, the adjusted basis of your old tractor). 1040 state tax form However, you want a higher basis for depreciating the new tractor, so you agree to pay the dealer $60,000 for the new tractor if he will pay you $40,000 for your old tractor. 1040 state tax form Because the two transactions are dependent on each other, you are treated as having exchanged your old tractor for the new one and paid $20,000 ($60,000 − $40,000). 1040 state tax form Your basis for depreciating the new tractor is $42,000, the same as if you traded the old tractor. 1040 state tax form Property Received as a Gift To figure the basis of property you receive as a gift, you must know its adjusted basis (defined earlier) to the donor just before it was given to you. 1040 state tax form You also must know its FMV at the time it was given to you and any gift tax paid on it. 1040 state tax form FMV equal to or greater than donor's adjusted basis. 1040 state tax form   If the FMV of the property is equal to or greater than the donor's adjusted basis, your basis is the donor's adjusted basis when you received the gift. 1040 state tax form Increase your basis by all or part of any gift tax paid, depending on the date of the gift. 1040 state tax form   Also, for figuring gain or loss from a sale or other disposition of the property, or for figuring depreciation, depletion, or amortization deductions on business property, you must increase or decrease your basis (the donor's adjusted basis) by any required adjustments to basis while you held the property. 1040 state tax form See Adjusted Basis , earlier. 1040 state tax form   If you received a gift during the tax year, increase your basis in the gift (the donor's adjusted basis) by the part of the gift tax paid on it due to the net increase in value of the gift. 1040 state tax form Figure the increase by multiplying the gift tax paid by the following fraction. 1040 state tax form Net increase in value of the gift Amount of the gift   The net increase in value of the gift is the FMV of the gift minus the donor's adjusted basis. 1040 state tax form The amount of the gift is its value for gift tax purposes after reduction by any annual exclusion and marital or charitable deduction that applies to the gift. 1040 state tax form Example. 1040 state tax form In 2013, you received a gift of property from your mother that had an FMV of $50,000. 1040 state tax form Her adjusted basis was $20,000. 1040 state tax form The amount of the gift for gift tax purposes was $36,000 ($50,000 minus the $14,000 annual exclusion). 1040 state tax form She paid a gift tax of $7,320. 1040 state tax form Your basis, $26,076, is figured as follows. 1040 state tax form Fair market value $50,000 Minus: Adjusted basis −20,000 Net increase in value $30,000 Gift tax paid $7,320 Multiplied by ($30,000 ÷ $36,000) × . 1040 state tax form 83 Gift tax due to net increase in value $6,076 Adjusted basis of property to your mother +20,000 Your basis in the property $26,076 Note. 1040 state tax form If you received a gift before 1977, your basis in the gift (the donor's adjusted basis) includes any gift tax paid on it. 1040 state tax form However, your basis cannot exceed the FMV of the gift when it was given to you. 1040 state tax form FMV less than donor's adjusted basis. 1040 state tax form   If the FMV of the property at the time of the gift is less than the donor's adjusted basis, your basis depends on whether you have a gain or a loss when you dispose of the property. 1040 state tax form Your basis for figuring gain is the donor's adjusted basis plus or minus any required adjustments to basis while you held the property. 1040 state tax form Your basis for figuring loss is its FMV when you received the gift plus or minus any required adjustments to basis while you held the property. 1040 state tax form (See Adjusted Basis , earlier. 1040 state tax form )   If you use the donor's adjusted basis for figuring a gain and get a loss, and then use the FMV for figuring a loss and get a gain, you have neither gain nor loss on the sale or other disposition of the property. 1040 state tax form Example. 1040 state tax form You received farmland as a gift from your parents when they retired from farming. 1040 state tax form At the time of the gift, the land had an FMV of $80,000. 1040 state tax form Your parents' adjusted basis was $100,000. 1040 state tax form After you received the land, no events occurred that would increase or decrease your basis. 1040 state tax form If you sell the land for $120,000, you will have a $20,000 gain because you must use the donor's adjusted basis at the time of the gift ($100,000) as your basis to figure a gain. 1040 state tax form If you sell the land for $70,000, you will have a $10,000 loss because you must use the FMV at the time of the gift ($80,000) as your basis to figure a loss. 1040 state tax form If the sales price is between $80,000 and $100,000, you have neither gain nor loss. 1040 state tax form For instance, if the sales price was $90,000 and you tried to figure a gain using the donor's adjusted basis ($100,000), you would get a $10,000 loss. 1040 state tax form If you then tried to figure a loss using the FMV ($80,000), you would get a $10,000 gain. 1040 state tax form Business property. 1040 state tax form   If you hold the gift as business property, your basis for figuring any depreciation, depletion, or amortization deductions is the same as the donor's adjusted basis plus or minus any required adjustments to basis while you hold the property. 1040 state tax form Property Transferred From a Spouse The basis of property transferred to you or transferred in trust for your benefit by your spouse is the same as your spouse's adjusted basis. 1040 state tax form The same rule applies to a transfer by your former spouse if the transfer is incident to divorce. 1040 state tax form However, for property transferred in trust, adjust your basis for any gain recognized by your spouse or former spouse if the liabilities assumed plus the liabilities to which the property is subject are more than the adjusted basis of the property transferred. 1040 state tax form The transferor must give you the records needed to determine the adjusted basis and holding period of the property as of the date of the transfer. 1040 state tax form For more information, see Property Settlements in Publication 504, Divorced or Separated Individuals. 1040 state tax form Inherited Property Your basis in property you inherited from a decedent, who died before January 1, 2010, or after December 31, 2010, is generally one of the following: The FMV of the property at the date of the decedent's death. 1040 state tax form If a federal estate return is filed, you can use its appraised value. 1040 state tax form The FMV on the alternate valuation date, if the personal representative for the estate elects to use alternate valuation. 1040 state tax form For information on the alternate valuation, see the Instructions for Form 706. 1040 state tax form The decedent's adjusted basis in land to the extent of the value that is excluded from the decedent's taxable estate as a qualified conservation easement. 1040 state tax form If a federal estate tax return does not have to be filed, your basis in the inherited property is its appraised value at the date of death for state inheritance or transmission taxes. 1040 state tax form Special-use valuation method. 1040 state tax form   Under certain conditions, when a person dies, the executor or personal representative of that person's estate may elect to value qualified real property at other than its FMV. 1040 state tax form If so, the executor or personal representative values the qualified real property based on its use as a farm or other closely held business. 1040 state tax form If the executor or personal representative elects this method of valuation for estate tax purposes, this value is the basis of the property for the qualified heirs. 1040 state tax form The qualified heirs should be able to get the necessary value from the executor or personal representative of the estate. 1040 state tax form   If you are a qualified heir who received special-use valuation property, increase your basis by any gain recognized by the estate or trust because of post-death appreciation. 1040 state tax form Post-death appreciation is the property's FMV on the date of distribution minus the property's FMV either on the date of the individual's death or on the alternate valuation date. 1040 state tax form Figure all FMVs without regard to the special-use valuation. 1040 state tax form   You may be liable for an additional estate tax if, within 10 years after the death of the decedent, you transfer the property or the property stops being used as a farm. 1040 state tax form This tax does not apply if you dispose of the property in a like-kind exchange or in an involuntary conversion in which all of the proceeds are reinvested in qualified replacement property. 1040 state tax form The tax also does not apply if you transfer the property to a member of your family and certain requirements are met. 1040 state tax form   You can elect to increase your basis in special-use valuation property if it becomes subject to the additional estate tax. 1040 state tax form To increase your basis, you must make an irrevocable election and pay interest on the additional estate tax figured from the date 9 months after the decedent's death until the date of payment of the additional estate tax. 1040 state tax form If you meet these requirements, increase your basis in the property to its FMV on the date of the decedent's death or the alternate valuation date. 1040 state tax form The increase in your basis is considered to have occurred immediately before the event that resulted in the additional estate tax. 1040 state tax form   You make the election by filing, with Form 706-A, United States Additional Estate Tax Return, a statement that: Contains your (and the estate's) name, address, and taxpayer identification number; Identifies the election as an election under section 1016(c) of the Internal Revenue Code; Specifies the property for which you are making the election; and Provides any additional information required by the Form 706-A instructions. 1040 state tax form   For more information, see Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, Form 706-A, and the related instructions. 1040 state tax form Property inherited from a decedent who died in 2010. 1040 state tax form   If you inherited property from a decedent who died in 2010, different rules may apply. 1040 state tax form See Publication 4895, Tax Treatment of Property Acquired From a Decendent Dying in 2010, for details. 1040 state tax form Property Distributed From a Partnership or Corporation The following rules apply to determine a partner's basis and a shareholder's basis in property distributed respectively from a partnership to the partner with respect to the partner's interest in the partnership and from a corporation to the shareholder with respect to the shareholder's ownership of stock in the corporation. 1040 state tax form Partner's basis. 1040 state tax form   Unless there is a complete liquidation of a partner's interest, the basis of property (other than money) distributed by a partnership to the partner is its adjusted basis to the partnership immediately before the distribution. 1040 state tax form However, the basis of the property to the partner cannot be more than the adjusted basis of his or her interest in the partnership reduced by any money received in the same transaction. 1040 state tax form For more information, see Partner's Basis for Distributed Property in Publication 541, Partnerships. 1040 state tax form Shareholder's basis. 1040 state tax form   The basis of property distributed by a corporation to a shareholder is its fair market value. 1040 state tax form For more information about corporate distributions, see Distributions to Shareholders in Publication 542, Corporations. 1040 state tax form Prev  Up  Next   Home   More Online Publications
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Japan 2011 Earthquake/Tsunami – U.S. Government Information


In the United States

Environmental Monitoring

The EPA has its radiation air monitoring (RadNet) data, frequently asked questions, and other resources on http://www.epa.gov/japan2011/. Here you can:

Food Safety

The U.S. Food and Drug Administration (FDA) has deemed that based on current information, there is no risk to the U.S. food supply.

In response to the ongoing situation in Japan, the EPA has taken steps to increase the level of nationwide monitoring of milk, precipitation, drinking water, and other potential exposure routes.

  • EPA conducts radiological monitoring of milk under its RADNET program
  • The U.S. Food and Drug Administration has jurisdiction over the safety, labeling and identity of milk and milk products in interstate commerce.
  • States have jurisdiction over those facilities located within their territory.

Results from a screening sample taken March 25 from Spokane, WA detected 0.8 pCi/L of iodine-131, which is more than 5,000 times lower than the Derived Intervention Level set by the U.S. Food and Drug Administration.

  • These types of findings are to be expected in the coming days and are far below levels of public health concern, including for infants and children.
  • Iodine-131 has a very short half-life of approximately eight days, and the level detected in milk and milk products is therefore expected to drop relatively quickly.

Radiation is all around us in our daily lives, and these findings are a miniscule amount compared to what people experience every day. For example, people are exposed to low levels of radiation on round trip cross country flights, watching television, and even from construction materials.

  • The U.S. Food and Drug Administration has jurisdiction over 80 percent of the food supply, including seafood, dairy, and produce. The U.S. Department of Agriculture regulates meat, poultry, and processed egg products, while FDA regulates all other food products.
  • The U.S. Department of Agriculture has stated that Japan has not exported any beef products to the United States for nearly a year.
  • The U.S. Department of Agriculture has stated that Japan is not currently eligible to export any poultry or processed egg products to the U.S.
  • The U.S. Food and Drug Administration and Customs and Border Protection carefully screen all food products for unsafe substances, including radiological material at Ports of Entry.
  • Learn more about keeping food safe during an emergency.

Potassium Iodide (KI)

The Centers for Disease Control (CDC) does not recommend that people in the United States take potassium iodide supplements (also called KI) in response to the damaged nuclear reactors in Japan.

  • Only take KI on the advice of emergency management officials, public health officials, or your doctor.
  • There are health risks associated with taking KI.

Food, Mail, Ships, and Cargo from Japan

The U.S. Customs and Border Protection (CBP) is monitoring developments in Japan carefully and uses several types of radiation detection equipment in air and sea ports, mail facilities, and elsewhere to ensure safety.

  • CBP and the U.S. Food and Drug Administration carefully screen all food products for unsafe substances, including radiological material, at Ports of Entry.
  • All inbound travelers, baggage, and cargo are screened for radiological materials.
  • CBP employs radiation monitors at international mail facilities.

American Citizens in Japan

American Embassy in Japan

All U.S. citizens in Japan should continue to carefully monitor the situation and follow the guidance of the U.S. and Japanese governments.

Authorized Departures

The U.S. government has authorized the voluntary departure from Japan of eligible family members of U.S. government personnel assigned to the U.S. Embassy in Tokyo, the U.S. Consulate in Nagoya, the Foreign Service Institute Field School in Yokohama, and U.S. Forces Japan.

Evacuations

Travel to and from Japan

Disaster Preparedness

The tragic events in Japan remind us that disasters can strike at any time. The best way to make sure your family is taken care of when disaster strikes is to be prepared.

Additional Information

  • Earthquake in Japan – See facts from the U.S. Geological Survey about the 9.0 earthquake.
  • Earthquake Preparedness and Response – The U.S. Centers for Disease Control and Prevention provides helpful tips on how to prepare for an earthquake and what to do during a quake.
  • Earthquakes, Flooding, and Radiation – The National Institutes of Health provides information and resources about natural disasters and their effects.
  • Tsunami Health Effects – The U.S. Centers for Disease Control and Prevention describes the immediate, secondary, and long-term health effects of a tsunami.
  • Tsunami Preparedness – The Federal Emergency Management Agency explains what a tsunami is and provides guidance on what to do during a tsunami watch or warning.
  • Radiation – Read about the assistance and expertise that the U.S. Department of Energy is providing to Japanese response and recovery efforts.

The 1040 State Tax Form

1040 state tax form Index Symbols "Hours of service" limits, Individuals subject to hours of service limits. 1040 state tax form Form 2106, Hours of service limits. 1040 state tax form 50% limit on meals, 50% limit on meals. 1040 state tax form A Accountable plans, Accountable Plans, Per diem allowance more than federal rate. 1040 state tax form Accounting to employer, Accountable Plans Adequate accounting, Adequate Accounting Independent contractors, Adequate accounting. 1040 state tax form Adequate records, What Are Adequate Records? Advertising Car display, Advertising display on car. 1040 state tax form Expenses, 3 - Advertising expenses. 1040 state tax form Signs, display racks, or other promotional material to be used on recipient's business premises, Exceptions. 1040 state tax form Airline clubs, Club dues and membership fees. 1040 state tax form Allocating costs, Separating costs. 1040 state tax form , Separating costs. 1040 state tax form , Allocating between business and nonbusiness. 1040 state tax form , Allocating total cost. 1040 state tax form Allowance (see Reimbursements) Armed forces Assigned overseas, Members of the Armed Forces. 1040 state tax form Assistance (see Tax help) Associated entertainment, Associated Test Athletic clubs, Club dues and membership fees. 1040 state tax form B Basis of car, Basis. 1040 state tax form (see also Depreciation of car) Bona fide business purpose, Bona fide business purpose. 1040 state tax form Box seats at entertainment events, Skyboxes and other private luxury boxes. 1040 state tax form Business travel, Trip Primarily for Business Outside U. 1040 state tax form S. 1040 state tax form , Travel Entirely for Business or Considered Entirely for Business Business use of car, Business and personal use. 1040 state tax form More-than-50%-use test. 1040 state tax form , More-than-50%-use test. 1040 state tax form Qualified business use, Qualified business use. 1040 state tax form C Canceled checks As evidence of business expenses, Canceled check. 1040 state tax form Car expenses, Car Expenses, Reporting inclusion amounts. 1040 state tax form Actual expenses, Actual Car Expenses Allowances for, Per Diem and Car Allowances, Allowance more than the federal rate. 1040 state tax form Business and personal use, Business and personal use. 1040 state tax form Combining expenses, Car expenses. 1040 state tax form Disposition of car, Disposition of a Car Fixed and variable rate (FAVR) allowance, Fixed and variable rate (FAVR). 1040 state tax form Form 2106, Car expenses. 1040 state tax form Leasing a car, truck, or van, Leasing a Car, Reporting inclusion amounts. 1040 state tax form Mileage rate (see Standard mileage rate) Taxes paid on car, Taxes paid on your car. 1040 state tax form Traffic tickets, Fines and collateral. 1040 state tax form Car pools, Car pools. 1040 state tax form Car rentals, Reporting inclusion amounts. 1040 state tax form Form 2106, Car rentals. 1040 state tax form Car, defined, Car defined. 1040 state tax form Car, truck, or van rentals, Leasing a Car, Reporting inclusion amounts. 1040 state tax form Casualty and theft losses Cars, Casualty and theft losses. 1040 state tax form Depreciation, Casualty or theft. 1040 state tax form Charitable organizations Benefit events for, Exception for events that benefit charitable organizations. 1040 state tax form Sports events to benefit, 5 - Charitable sports event. 1040 state tax form Club dues, Club dues and membership fees. 1040 state tax form Commuting expenses, Commuting expenses. 1040 state tax form Conventions, Conventions, Meetings at conventions. 1040 state tax form Country clubs, Club dues and membership fees. 1040 state tax form Cruise ships, Cruise Ships D Daily business mileage and expense log (Table 6-2), Table 5-2. 1040 state tax form Daily Business Mileage and Expense Log Name: Depreciation of car, Depreciation and section 179 deductions. 1040 state tax form (see also Section 179 deductions) Adjustment for using standard mileage rate, Depreciation adjustment when you used the standard mileage rate. 1040 state tax form Basis, Basis. 1040 state tax form Sales taxes, Sales taxes. 1040 state tax form Unrecovered basis, How to treat unrecovered basis. 1040 state tax form Casualty or theft, effect, Casualty or theft. 1040 state tax form Deduction, Depreciation and section 179 deductions. 1040 state tax form , Depreciation deduction for the year of disposition. 1040 state tax form Excess depreciation, Excess depreciation. 1040 state tax form Modified Accelerated Cost Recovery System (MACRS), Modified Accelerated Cost Recovery System (MACRS). 1040 state tax form Trade-in, effect, Car trade-in. 1040 state tax form , Trade-in. 1040 state tax form Trucks and vans, Trucks and vans. 1040 state tax form Depreciation of Car Section 179 deduction, Section 179 deduction. 1040 state tax form Directly-related entertainment, Directly-Related Test Disabled employees Impairment-related work expenses, Impairment-Related Work Expenses of Disabled Employees Documentary evidence, Documentary evidence. 1040 state tax form E Employer-provided vehicles, Employer-provided vehicle. 1040 state tax form Reporting requirements, Vehicle Provided by Your Employer Entertainment expenses, Entertainment, Individuals subject to hours of service limits. 1040 state tax form , Gift or entertainment. 1040 state tax form 50% limit, Directly before or after business discussion. 1040 state tax form Determination of applicability (Figure A), 50% Limit Associated test, Associated Test Deductible, What Entertainment Expenses Are Deductible?, Expenses for spouses. 1040 state tax form Summary (Table 2-1), Exception for events that benefit charitable organizations. 1040 state tax form Directly-related test, Directly-Related Test Entertainment, defined, Entertainment. 1040 state tax form Form 2106, Meal and entertainment expenses. 1040 state tax form Tickets (see Tickets) Entertainment facilities Expenses for use of, Entertainment facilities. 1040 state tax form Estimates of expenses, How To Prove Expenses Exceptions to the 50% Limit, Exceptions to the 50% Limit Excess reimbursements (see Reimbursements) Extravagant expenses, Lavish or extravagant. 1040 state tax form , Lavish or extravagant expenses. 1040 state tax form F Fair market value of car, Fair market value. 1040 state tax form Farmers Form 1040, Schedule F, Self-employed. 1040 state tax form Federal crime investigations or prosecutions Federal employees engaged in, Exception for federal crime investigations or prosecutions. 1040 state tax form Federal rate for per diem, Standard Meal Allowance, The federal rate. 1040 state tax form Fee-basis officials, Officials Paid on a Fee Basis Fees you pay, Parking fees. 1040 state tax form Fixed and variable rate (FAVR) allowance, Fixed and variable rate (FAVR). 1040 state tax form Form 1040, Schedule C, Self-employed. 1040 state tax form Form 1040, Schedule F, Self-employed. 1040 state tax form Form 2106, How to choose. 1040 state tax form , Employees. 1040 state tax form , Full value included in your income. 1040 state tax form , Reporting your expenses under a nonaccountable plan. 1040 state tax form , Completing Forms 2106 and 2106-EZ Form 2106-EZ, Form 2106-EZ. 1040 state tax form Form 4562, Self-employed. 1040 state tax form Form 4797, Excess depreciation. 1040 state tax form Form W-2 Employer-provided vehicles, Value reported on Form W-2. 1040 state tax form Reimbursement of personal expenses, Reimbursement for personal expenses. 1040 state tax form Statutory employees, Statutory employees. 1040 state tax form Free tax services, Free help with your tax return. 1040 state tax form G Gifts, Gift or entertainment. 1040 state tax form , Gifts $25 limit, $25 limit. 1040 state tax form Combining for recordkeeping purposes, Gift expenses. 1040 state tax form Reporting requirements, Gifts. 1040 state tax form Golf clubs, Club dues and membership fees. 1040 state tax form H Hauling tools, Hauling tools or instruments. 1040 state tax form Help (see Tax help) High-low method Introduction, High-low method. 1040 state tax form Transition rules, High-low method. 1040 state tax form High-low rate method, High-low rate. 1040 state tax form Home office, Office in the home. 1040 state tax form Hotel clubs, Club dues and membership fees. 1040 state tax form I Impairment-related work expenses, Impairment-Related Work Expenses of Disabled Employees Incidental expenses Defined, Incidental expenses. 1040 state tax form Gifts, Incidental costs. 1040 state tax form No meals, incidentals only, Incidental-expenses-only method. 1040 state tax form Income-producing property, Income-producing property. 1040 state tax form Incomplete records, What If I Have Incomplete Records? Indefinite job assignment, Temporary assignment vs. 1040 state tax form indefinite assignment. 1040 state tax form Independent contractors, Rules for Independent Contractors and Clients Interest on car loans, Interest on car loans. 1040 state tax form Itinerants, Tax Home L Lavish or extravagant expenses, Lavish or extravagant. 1040 state tax form , Lavish or extravagant expenses. 1040 state tax form Leasing a car, truck, or van, Leasing a Car, Reporting inclusion amounts. 1040 state tax form Luxury private boxes at entertainment events, Skyboxes and other private luxury boxes. 1040 state tax form Luxury water travel, Luxury Water Travel M MACRS (Modified Accelerated Cost Recovery System), Modified Accelerated Cost Recovery System (MACRS). 1040 state tax form 2011 chart (Table 4-1), Table 4-1. 1040 state tax form 2013 MACRS Depreciation Chart (Use to Figure Depreciation for 2013. 1040 state tax form ) Main place of business or work, Main place of business or work. 1040 state tax form Married taxpayers Performing artists, Special rules for married persons. 1040 state tax form Meal expenses, Meals 50% limit, 50% Limit Determination of applicability (Figure A), 50% Limit Exceptions, Exceptions to the 50% Limit Actual cost method, Actual Cost Form 2106, Meal and entertainment expenses. 1040 state tax form Major cities with higher allowances, Amount of standard meal allowance. 1040 state tax form Standard meal allowance, Standard Meal Allowance, Who can use the standard meal allowance. 1040 state tax form , The standard meal allowance. 1040 state tax form Meals, entertainment-related, A meal as a form of entertainment. 1040 state tax form Mileage rate (see Standard mileage rate) Military (see Armed forces) Missing children, photographs of, Reminder Modified Accelerated Cost Recovery System (MACRS), Modified Accelerated Cost Recovery System (MACRS). 1040 state tax form 2011 chart (Table 4-1), Table 4-1. 1040 state tax form 2013 MACRS Depreciation Chart (Use to Figure Depreciation for 2013. 1040 state tax form ) N Nonaccountable plans, Nonaccountable Plans O Office in the home, Office in the home. 1040 state tax form Officials paid on fee basis, Officials Paid on a Fee Basis Overseas travel Conventions, Conventions Held Outside the North American Area Meal allowance, Standard meal allowance for areas outside the continental United States. 1040 state tax form Part of trip outside U. 1040 state tax form S. 1040 state tax form , Part of Trip Outside the United States P Parking fees, Parking fees. 1040 state tax form , Parking fees and tolls. 1040 state tax form Per diem allowances, Per Diem and Car Allowances, Allowance more than the federal rate. 1040 state tax form Defined, Reimbursement, allowance, or advance. 1040 state tax form Federal rate for, The federal rate. 1040 state tax form Per diem rates High-cost localities, High-low method. 1040 state tax form High-low method, High-low method. 1040 state tax form Regular federal method, Regular federal per diem rate method. 1040 state tax form Standard rate for unlisted localities, High-low method. 1040 state tax form , Regular federal per diem rate method. 1040 state tax form Transition rules, High-low method. 1040 state tax form , Federal per diem rate method. 1040 state tax form Performing artists, Expenses of Certain Performing Artists Personal property taxes, Personal property taxes. 1040 state tax form , Taxes paid on your car. 1040 state tax form Personal trips, Trip Primarily for Personal Reasons Outside U. 1040 state tax form S. 1040 state tax form , Travel Primarily for Personal Reasons Placed in service, cars, Placed in service. 1040 state tax form Probationary work period, Probationary work period. 1040 state tax form Proving business purpose, Proving business purpose. 1040 state tax form Public transportation Outside of U. 1040 state tax form S. 1040 state tax form travel, Public transportation. 1040 state tax form Publications (see Tax help) R Recordkeeping requirements, Recordkeeping, Examples of Records Adequate records, What Are Adequate Records? Daily business mileage and expense log (Table 6-2), Table 5-2. 1040 state tax form Daily Business Mileage and Expense Log Name: Destroyed records, Destroyed records. 1040 state tax form How to prove expenses (Table 5-1), Table 5-1. 1040 state tax form How To Prove Certain Business Expenses Incomplete records, What If I Have Incomplete Records? Reimbursed expenses, Reimbursed for expenses. 1040 state tax form Sampling to prove expenses, Sampling. 1040 state tax form Separating and combining expenses, Separating and Combining Expenses, If your return is examined. 1040 state tax form Three-year period of retention, How Long To Keep Records and Receipts Weekly travel expense and entertainment record (Table 6-3), THIS IS NOT AN OFFICIAL INTERNAL REVENUE FORM Regular federal method Introduction, Regular federal per diem rate method. 1040 state tax form Transition rules, Federal per diem rate method. 1040 state tax form Reimbursements, Less than full value included in your income. 1040 state tax form , Contractor does not adequately account. 1040 state tax form Accountable plans, Accountable Plans Excess, Returning Excess Reimbursements, Nonaccountable Plans Form 2106, Reimbursements. 1040 state tax form Nonaccountable plans, Nonaccountable Plans Nondeductible expenses, Reimbursement of nondeductible expenses. 1040 state tax form Personal expenses, Reimbursement for personal expenses. 1040 state tax form Recordkeeping, Reimbursed for expenses. 1040 state tax form Reporting (Table 6-1), Table 6-1. 1040 state tax form Reporting Travel, Entertainment, Gift, and Car Expenses and Reimbursements Unclaimed, Where To Report Reporting requirements, How To Report Per diem or car allowance, Reporting your expenses with a per diem or car allowance. 1040 state tax form Reimbursements, Reimbursements, Contractor does not adequately account. 1040 state tax form Reservists Transportation expenses, Armed Forces reservists. 1040 state tax form Traveling more than 100 miles from home, Armed Forces Reservists Traveling More Than 100 Miles From Home Returning excess reimbursements, Returning Excess Reimbursements Rural mail carriers, Rural mail carriers. 1040 state tax form S Section 179 deduction Amended return, How to choose. 1040 state tax form Deduction, Section 179 Deduction Limits, Limits. 1040 state tax form Self-employed persons, 2 - Self-employed. 1040 state tax form Reporting requirements, Self-employed. 1040 state tax form Skyboxes, Skyboxes and other private luxury boxes. 1040 state tax form Spouse, expenses for, Travel expenses for another individual. 1040 state tax form , Expenses for spouses. 1040 state tax form Standard meal allowance, Standard Meal Allowance, Who can use the standard meal allowance. 1040 state tax form , The standard meal allowance. 1040 state tax form Standard mileage rate, What's New, Standard Mileage Rate, The standard mileage rate. 1040 state tax form Depreciation adjustment for using, Depreciation adjustment when you used the standard mileage rate. 1040 state tax form Form 2106, Standard mileage rate. 1040 state tax form Statutory employees, Statutory employees. 1040 state tax form T Tables and figures 50% limit determination (Figure A), 50% Limit Daily business mileage and expense log (Table 6-2), Table 5-2. 1040 state tax form Daily Business Mileage and Expense Log Name: Entertainment expenses, determination of deductibility (Table 2-1), Table 2-1. 1040 state tax form When Are Entertainment Expenses Deductible? Maximum depreciation deduction for cars table, Maximum Depreciation Deduction for Cars Modified Accelerated Cost Recovery System (MACRS) 2011 chart (Table 4-1), Table 4-1. 1040 state tax form 2013 MACRS Depreciation Chart (Use to Figure Depreciation for 2013. 1040 state tax form ) Proving expenses (Table 5-1), Table 5-1. 1040 state tax form How To Prove Certain Business Expenses Reporting reimbursements (Table 6-1), Table 6-1. 1040 state tax form Reporting Travel, Entertainment, Gift, and Car Expenses and Reimbursements Transportation expenses, determination of deductibility (Figure B), Gift or entertainment. 1040 state tax form , Illustration of transportation expenses. 1040 state tax form Travel expenses, determination of deductibility (Table 1-1), Table 1-1. 1040 state tax form Travel Expenses You Can Deduct Weekly travel expense and entertainment record (Table 6-3), THIS IS NOT AN OFFICIAL INTERNAL REVENUE FORM Tax help, How To Get Tax Help Tax home, determination of, Tax Home Temporary job assignments, Temporary Assignment or Job Temporary work location, Temporary work location. 1040 state tax form Tickets, Entertainment tickets. 1040 state tax form , Gift or entertainment. 1040 state tax form Season or series tickets, Season or series tickets. 1040 state tax form Traffic violations, Fines and collateral. 1040 state tax form Tools Hauling tools, Hauling tools or instruments. 1040 state tax form Trade association meetings, Trade association meetings. 1040 state tax form Trade-in of car, Car trade-in. 1040 state tax form , Trade-in. 1040 state tax form Traffic tickets, Fines and collateral. 1040 state tax form Transients, Tax Home Transition rules, Transition Rules Example High-low method, High-low method. 1040 state tax form High-low method, High-low method. 1040 state tax form Regular federal method, Federal per diem rate method. 1040 state tax form Transportation expenses, Transportation, Depreciation deduction for the year of disposition. 1040 state tax form Car expenses, Car Expenses, Reporting inclusion amounts. 1040 state tax form Deductible (Figure B), Gift or entertainment. 1040 state tax form , Illustration of transportation expenses. 1040 state tax form five or more cars, Five or more cars. 1040 state tax form Form 2106, Transportation expenses. 1040 state tax form Transportation workers, Special rate for transportation workers. 1040 state tax form , Individuals subject to hours of service limits. 1040 state tax form Travel advance, Reimbursement, allowance, or advance. 1040 state tax form , Travel advance. 1040 state tax form (see also Reimbursements) Travel expenses, Travel, Cruise Ships Another individual accompanying taxpayer, Travel expenses for another individual. 1040 state tax form Away from home, Traveling Away From Home, Tax Home Deductible, What Travel Expenses Are Deductible?, Cruise Ships Summary of (Table 1-1), Table 1-1. 1040 state tax form Travel Expenses You Can Deduct Defined, Travel expenses defined. 1040 state tax form Going home on days off, Going home on days off. 1040 state tax form In U. 1040 state tax form S. 1040 state tax form , Travel in the United States Lodging, Standard Meal Allowance Luxury water travel, Luxury Water Travel Outside U. 1040 state tax form S. 1040 state tax form , Travel Outside the United States Travel to family home, Tax Home Different From Family Home Trucks and vans Depreciation, Trucks and vans. 1040 state tax form Transportation workers, Individuals subject to hours of service limits. 1040 state tax form Transportation workers' expenses, Special rate for transportation workers. 1040 state tax form Two places of work, Two places of work. 1040 state tax form U Unclaimed reimbursements, Where To Report Unions Trips from union hall to place of work, Union members' trips from a union hall. 1040 state tax form Unrecovered basis of car, How to treat unrecovered basis. 1040 state tax form V Volunteers, Volunteers. 1040 state tax form W Weekly travel expense and entertainment record (Table 6-3), THIS IS NOT AN OFFICIAL INTERNAL REVENUE FORM Prev  Up     Home   More Online Publications